OpenAI's new board has officially taken over the company and has created an Observer role for its partner Microsoft without voting power

OpenAI's new board takes over, Microsoft to have observer role

<h2>OpenAI's new board has officially taken over the company and has created an Observer role for its partner Microsoft without voting power</h2>

<p>ChatGPT maker OpenAI's new board has officially taken over the company. The new board has also mentioned that it would add an observer role for partner Microsoft.&nbsp;</p>
<h3><strong>OpenAI's new board</strong></h3>
<p>The three members of the new board were announced last week when Sam Altman returned to OpenAI after his dramatic removal. In a note to employees on Wednesday, OpenAI's interim chairman Bret Taylor has said that the replacement directors&rsquo; priorities include creating an independent committee to review the events around Altman&rsquo;s ouster.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/startups/sam-altman-to-return-as-openai-ceo-1700635029764">Sam Altman to return as OpenAI CEO</a></strong></p>
<p>He further added that the directors will enhance OpenAI&rsquo;s governance structure so all stakeholders &ldquo;can trust that OpenAI will continue to thrive". As per the note, the company is also &nbsp;seeking a diverse slate of additional directors to expand the board.</p>
<p>As per Wall Street Journal, the board's initial members Larry Summers, the former U.S. Treasury secretary, and Adam D&rsquo;Angelo, CEO of question-and-answer website Quora will remain.&nbsp;</p>
<h3><strong>Microsoft's role on OpenAI board</strong></h3>
<p>Microsoft is included as an observer and hence will not have voting power. Microsoft, which has invested some $13 billion in OpenAI, and other investors were blindsided by the decision by four members of the prior board to fire Altman as chief executive on Nov. 17.</p>
<p>Sam Altman too in a note has thanked all his advisers, partners and fellow executives, and praised OpenAI employees&rsquo; loyalty. As per Altman, OpenAI did not lose any customers because of this ordeal.</p>
<p>&ldquo;You stood firm for each other, this company, and our mission," Altman wrote. &ldquo;One of the most important things for the team that builds AGI safely is the ability to handle stressful and uncertain situations, and maintain good judgment throughout. Top marks."</p>

In 2023, 58 ultra luxury homes were sold across the top 7 cities recorded a total sales value of approximately Rs 4,063 crore

Ultra luxury homes see 247% Y-O-Y sales value surge in 2023

<h2>In 2023, 58 ultra luxury homes were sold across the top 7 cities recorded a total sales value of approximately Rs 4,063 crore</h2>

<p>Ultra-luxury homes that are priced below Rs 40 crore witness an unprecedented bull-run in 2023, showed an Anarock report. As per the report, so far this year has seen a staggering 247% yearly surge in terms of total sales value compared to 2022</p>
<p>"A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of approx. INR 4,063 Cr. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of approx. INR 1,170 Cr. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over&rdquo;, Anuj Puri, Anarock Group Chairman said.</p>
<h3><strong>Demand for ultra-luxury homes</strong></h3>
<p>As per the data released, in 2022 only 13 ultra luxury homes priced below Rs 40 crore was sold. However in 2023, 58 such homes are bought.</p>
<p>The 13 homes were sold for a total sales value of approximately Rs 1,170 crore in 2022. In contrast, in 2023, the 58 ultra-luxury homes that were sold across the top 7 cities recorded a total sales value of approximately Rs 4,063 crore.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/personal-finance/housing-rents-soar-rentals-in-7-it-hubs-see-31-spike-bengaluru-tops-the-list-says-anarock-1699530896580">Housing rents soar: Rentals in 7 IT hubs see 31% spike; Bengaluru tops the list, says Anarock</a></strong></p>
<p>Out of the 58 homes, 53 were sold in Mumbai alone comprising 91% share of the total deals. Meanwhile Delhi-NCR recorded 4 deals with 2 ultra-luxury homes in Gurgaon and 2 bunglows in Delhi. One unit was sold in Hyderabad.&nbsp;</p>
<p>Puri mentioned that the demand for both luxury and ultra-luxury properties has surged since the pandemic. The High Net-worth Individuals (HNIs) and Ultra-HNIs are buying such homes for investment and personal use.</p>
<p>He further adds that this comes as these individuals are looking to reshuffle their investment portfolio amid the anticipated volatality in the stock market.</p>
<p>&ldquo;Demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs and ultra-HNIs buying such homes for investment, personal use, or both. The upsurge in demand for ultra-luxury homes can also be traced to the reshuffling of HNI investment portfolios amid the anticipated volatility in the stock market due to the existing geopolitical tensions", Anuj Puri said.</p>
<p>The Anarock report also mentioned that Apartments remained the preferred property type for HNIs as of 58 deals, 53 were for apartments and the remaining for bunglows. At least 79% of the total deals were concluded by businessmen, and 16% by senior professionals from across various sectors. Politicians and Bollywood celebrities accounted for the remaining 5%.</p>

Elon Musk in an interview lost his cool and used F word on advertisers who left X over anti-semitic content. Musk also clarified that he is not anti-semitic and that the advertisers should not try to blackmail him

Elon Musk loses his cool, uses F-word on advertisers who left X on anti-Semitic views 

Advertisers has suspended their marketing campaigns in X following his endorsement of an antisemitic post on the platform

<h2>Advertisers has suspended their marketing campaigns in X following his endorsement of an antisemitic post on the platform</h2>

<p>Billionaire Elon Musk in an interview lost his cool after he was questioned about the exit of advertisers from X (formerly Twitter). In a harsh response he told advertisers who had pulled out over anti-semitic content, "Go F*** yourself".&nbsp; The advertisers had left the platform following a post by Elon Musk on November 15, in which he agreed with an anti-Jewish post.</p>
<h3><strong>Anti-Jewish post</strong></h3>
<p>Musk was faced with wide spread criticism after he endorsed an anti-Jeweshi post in which a user accused Jewish people of inciting hatred against white people. Musk had defended the post by claiming the user spoke "the actual truth" regarding the "Great Replacement" conspiracy theory.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/x-may-lose-up-to-75-million-in-revenue-as-more-advertisers-exit-1701057282677">X may lose up to $75 million in revenue as more advertisers exit</a></strong></p>
<p>In the interview with the New York Times DealBook Summit, Musk admitted to having "handed a loaded gun" to both critics and antisemitic individuals, acknowledging that his post might be among the worst in his history of making many "foolish" statements.</p>
<p>He further clarified that he is not anti-semetic and that the advertisers should not try to blackmail him. "If somebody's gonna try to blackmail me with advertising, blackmail me with money? Go F*** yourself," he stated.</p>
<p>He further went on to attack Disney CEO Robert Iger after the streaming platform withdrew advertisements from X. &ldquo;Is that clear? I hope so. Hey, Bob, if you're in the audience," Musk said. Bob here seemingly refer to Robert Iger.</p>
<p>He goes on to say that he believes in the reality of goodness and not the perception of it.&nbsp;</p>
<p>"What I care about is the reality of goodness, not the perception of it. And what I see all over the place is people who care about looking good while doing evil. F**k them," Musk said.</p>
<h3><strong>Angry Advertisers&nbsp;</strong></h3>
<p>These profanity-laced remarks have now further angered the advertisers. Reuters quoted Lou Paskalis, founder of marketing consultancy AJL Advisory and said that Musk's expletives against advertisers is the "closing chapter" for brands doing business with X.</p>
<p>Elon Musk's comments came on the same day that U.S. Senate Majority Leader Chuck Schumer warned that the rise in anti-semitism since the start of the Israel-Hamas war has reached a crisis point, saying it threatens the safety of Jews worldwide and the future of Israel.</p>
<p>&nbsp;</p>

Introduced in August, these regulations aim to revamp SIM card sales, combating fraud and enhancing sector accountability.

New SIM card rules from Dec 1 tighten security, mandate KYC compliance

<p>Introduced in August, these regulations aim to revamp SIM card sales, combating fraud and enhancing sector accountability.</p>

<p>Come December 1, significant changes in the telecom services are set to take effect as the government's new SIM card rules roll out. These regulations, announced back in August, are designed to overhaul the sale and usage of SIM cards, aiming to curb fraudulent activities and ensure better accountability within the sector.</p>
<p>Here's what to expect:</p>
<p><strong>1. Registration Process Tightening:</strong> Point of Sale (PoS) agents are required to formalize agreements with telecom service providers or licensees to deter involvement in illicit activities. Failure to comply could result in penalties up to ₹10 lakh and a three-year suspension from association with the telecom company.</p>
<p><strong>2. Mandatory KYC Compliance:</strong> Purchasing or activating a new SIM card demands demographic details, obtained by scanning the Aadhar card's QR code. A new mobile number will only be assigned 90 days post disconnection by the previous user. Full KYC processes are mandatory for SIM replacements, with a 24-hour freeze on incoming and outgoing SMS facilities.</p>
<p><strong>3. Curbing Bulk SIM Sales: </strong>Bulk sales of SIM cards are prohibited to prevent digital fraud. However, exceptions exist for businesses, corporates, or events, subject to individual KYC norms. While buying up to nine SIM cards under one ID remains permissible, the bulk buying provision stands nullified.</p>
<p>The implementation of these rules aims to root out rogue sellers, identify fraudulent activities promptly, and tighten security measures within the telecom industry. Union Minister Ashwini Vaishnaw emphasized the necessity of these changes, highlighting how the discontinuation of bulk SIM card sales would put a stop to fraudulent calls previously enabled by this provision.</p>
<p><strong>Also Watch: <a href="https://www.editorji.com/business-news/economy/india-s-q2fy24-gdp-growth-expected-to-outpace-rbi-s-projections-1701321716160">India's Q2FY24 GDP growth expected to outpace RBI's projections</a></strong></p>

The founder of Infosys emphasized that the government needs to urgently enhance the infrastructure. He pointed to the sluggish progress of Bengaluru's metro construction as a prime example.

Narayana Murthy pushes for three shifts for infrastructure growth

<h2>The founder of Infosys emphasized that the government needs to urgently enhance infrastructure development. He pointed to the sluggish progress of Bengaluru's metro construction as a prime example.</h2>

<p>NR Narayana Murthy, the co-founder of Infosys, continued to advocate for significant changes in India's work culture.&nbsp; <br><br>In his latest comments, Murthy emphasized the need for infrastructure growth, proposing a fundamental shift in work patterns for employees in the infrastructure sector. He suggested the adoption of three shifts instead of one for faster infrastructure growth.</p>
<p>During a conversation at the Bengaluru Tech Summit, alongside Nikhil Kamath, co-founder of Zerodha, Murthy highlighted key aspects imperative for Bengaluru's growth in the next 5-10 years. He outlined three critical factors: the establishment of English medium schools to nurture talent for the city's software industry, focused attention on infrastructure, and prompt decision-making by the government.</p>
<p>In a bid to bolster infrastructure development, Murthy urged the government to expedite ongoing projects like the construction of the Electronic City metro in Bengaluru. He advocated for increased work shifts in the infrastructure sector, citing that many successful nations operate on two shifts or more.<br><br><strong>Also Watch:<a href="https://www.editorji.com/business-news/india-must-invest-20-billion-in-20-years-to-train-school-teachers-narayana-murthy-1700040081040"> India must invest $20 billion in 20 years to train school teachers: Narayana Murthy</a></strong></p>
<p>Drawing comparisons to successful global practices, Murthy encouraged a cultural shift in India's work ethic, suggesting that striving for three shifts in infrastructure work could significantly contribute to the nation's growth.<br><br>"People in those infrastructure industries must work three shifts, they should not work just one shift...come at 11 am and then go at 5 pm. At least on the Electronic City road, that is what I see, I may be completely wrong," Murthy said. "But in other nations that have high aspirations people work two shifts. I would return around midnight (when abroad), and I have seen people working as if they are going to disappear tomorrow morning. I cannot vouch for three shifts, but I can definitely vouch for two shifts."<br><br>"We want to be better than all those countries. Why don't we say our people - work three shifts? Ask them what are their requirements to complete the stretch by their workers in three shifts - provide that. If we do that, I have no doubt that why India cannot grow faster than China," he said.<br><br>He reiterated his earlier stance on increased work hours, stressing that India needs to enhance its work productivity to catch up with nations that have experienced substantial economic growth in recent decades.</p>
<p><strong>Also Watch: <a href="https://www.editorji.com/business-news/infosys-founder-narayana-murthy-sparks-controversy-with-70-hour-work-week-proposal-1698397495626#google_vignette">Infosys founder Narayana Murthy sparks controversy with 70-hour work week proposal</a></strong></p>

The public issue had a price band of Rs 475-500 per share

Tata Technologies IPO: Shares list at 140% premium over IPO price

<h2>The public issue had a price band of Rs 475-500 per share</h2>

<p>Tata Technologies Limited took Dalal Street by storm on Thursday, making a grand entrance at Rs 1,200 on the NSE&mdash;a whopping 140% premium over its issue price of Rs 500 upon listing.<br>&nbsp;<br><strong>TATA Tech IPO details</strong>&nbsp;</p>
<p>Tata Technologies, offering engineering and digital product development services, leapt onto the BSE at Rs 1,199.95, marking a staggering 139.99% surge from its issue price. The stock swiftly climbed 180% to reach Rs 1,400.</p>
<p>On the NSE, it debuted at Rs 1,200, rallying 140% before reaching Rs 1,400. Its market valuation soared to Rs 52,939.74 crore in morning trade.</p>
<p><strong>Also read/watch - <a title="India's Q2FY24 GDP growth expected to outpace RBI's projections" href="https://www.editorji.com/business-news/economy/india-s-q2fy24-gdp-growth-expected-to-outpace-rbi-s-projections-1701321716160">India's Q2FY24 GDP growth expected to outpace RBI's projections</a></strong></p>
<p>The company's IPO of Rs 3,042.5 crore was oversubscribed 69.43 times, largely due to institutional interest. Notably, this marks the first Tata Group IPO in nearly two decades, following Tata Consultancy Services' IPO in 2004.</p>
<p>Tata Technologies' IPO, with a price band of Rs 475-500 per share, was entirely an Offer For Sale (OFS) of 6.08 crore equity shares and garnered immense attention, being oversubscribed within minutes of opening for bidding on Nov 22.</p>

India's Q2FY24 GDP growth expected to outpace RBI's projections

<h2>RBI's forecast of 6.5% GDP growth for Q2FY24 mirrors its estimate for Q1FY24</h2>

<p>As anticipation builds for India's Q2FY24 GDP data release on November 30, experts foresee another potential surpassing of RBI estimates for the second consecutive quarter in the current fiscal year.</p>
<p>RBI's forecast of 6.5% GDP growth for Q2FY24 mirrors its estimate for Q1FY24. However, the economy surged beyond expectations in the previous quarter, hitting 7.8% growth, outperforming both market predictions and RBI's projection of 6.5%.</p>
<p><strong>Also read/watch - <a title="Gold, Silver Rates today November 30, 2023: Check Prices in Mumbai, Delhi, Chennai" href="https://www.editorji.com/business-news/gold-silver-rates-today-november-30-2023-check-prices-in-mumbai-delhi-chennai-1701320718338">Gold, Silver Rates today November 30, 2023: Check Prices in Mumbai, Delhi, Chennai</a></strong></p>
<p>Analysts predict a similar trend for Q2, with expectations hovering around 7% growth or higher. This potential overachievement would mark the second successive quarter where the economy outshines RBI's estimates in this fiscal year.</p>
<p>Despite this optimism, RBI foresees a gradual slowdown in GDP growth for the following quarters. Projections indicate a decline to 6% and 5.7% growth in the third and fourth quarters, respectively. Overall, RBI anticipates a broad 6.5% GDP growth for the entire FY24.</p>

The average price of 1 gram of 22K Gold stood at ₹5,811 while the cost for 24K gold prices stood at ₹6,339 and 1 kg silver stood at ₹78,500

Gold, Silver Rates today November 30, 2023: Check Prices in Mumbai, Delhi, Chennai

<h2>The average price of 1 gram of 22K Gold stood at ₹5,811 while the cost for 24K gold prices stood at ₹6,339 and 1 kg silver stood at ₹78,500</h2>

<p>Gold Silver Price Today 30 November 2023: Gold prices went up and silver prices remained unchanged on the Multi Commodity Index on Thursday.&nbsp;</p>
<p>The average price of 1 gram of 22K Gold stood at ₹5,811 while the 24K gold prices stood at ₹6,339.&nbsp;</p>
<p>The rate of 10 grams of 24K gold in Chennai stood at ₹64,040, which was followed by Delhi and Jaipur where the gold costs ₹63,540.&nbsp;</p>
<p>The average price of 10gm of Silver was at ₹785 and 1 kg of silver stood at ₹78,500.</p>
<p>However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,500 followed by Delhi and Mumbai where the metal was sold at ₹78,500</p>
<p><strong>24 Carat Gold Price Today November 30 (per 10gm) - Indian Top Cities</strong><br><br>Delhi - ₹63,540<br>Chennai - ₹64,040<br>Mumbai - ₹63,390<br>Kolkata - ₹63,390<br>Bengaluru - ₹63,390</p>
<p><strong>1 KG Silver Price Today November 30 - Indian Top Cities</strong><br><br>Delhi - ₹78,500<br>Chennai - ₹81,500<br>Mumbai - ₹78,500<br>Kolkata - ₹78,500<br>Bengaluru - ₹76,250</p>

The government had previously estimated that the economy grew at a 4.9% annual rate last quarter

US 3rd quarter's economic growth revised upward to a 5.2% annual rate

<h2>The government had previously estimated that the economy grew at a 4.9% annual rate last quarter</h2>

<p>Consumers in America shrugged off higher interest rates, driving the economy to a robust 5.2% annual pace from July through September, as per the government's revised report released Wednesday. This was an upgrade from the initial estimate of 4.9% growth.</p>
<p>However, economists anticipate a significant slowdown in the current fourth quarter due to the cumulative impact of increased borrowing costs on both consumer and business spending. Projections suggest growth might drop to a 1.8% annual rate in the October-December period.</p>
<p>The latest assessment confirmed a sharp acceleration from the 2.1% growth rate in the second quarter (April-June). Notably, the US gross domestic product surged at its fastest quarterly rate in almost two years during the July-September period.</p>
<p><strong>Also read/watch - <a title="Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore" href="https://www.editorji.com/business-news/markets/bharti-airtel-shares-cross-rs-1-000-mark-for-the-first-time-m-cap-close-to-rs-6-lakh-crore-1701266236904">Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore</a></strong></p>
<p>Consumer spending, crucial for the economy, increased at a 3.6% annual rate in July-September, slightly lower than the previous estimate of 4%. Private investment saw a significant surge of 10.5% annually, including a 6.2% rise in housing investment, defying higher mortgage rates.</p>
<p>The economy also benefited from companies building inventories in anticipation of future sales, contributing 1.4 percentage points to the quarterly growth. Additionally, government spending and investment at various levels&mdash;federal, state, and local&mdash;played a role in driving growth in the third quarter.</p>
<p><strong>Also read/watch - <a title="Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028" href="https://www.editorji.com/business-news/union-cabinet-extends-pmgkay-free-ration-scheme-for-81-crore-till-2028-1701266092365">Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028</a></strong></p>
<p>Despite the Federal Reserve's 11 interest rate hikes since March 2022 to combat high inflation, the US economy has shown resilience. Higher interest rates increased borrowing costs for consumers and businesses but also helped alleviate inflation pressures. Consumer prices rose by 3.2% last month compared to a year earlier, a significant improvement from the 9.1% year-over-year inflation recorded in June 2022.</p>
<p>Although the US job market is cooling compared to the past two years, it remains healthy by historical standards. The average addition of 239,000 jobs per month this year and an unemployment rate below 4% for 21 consecutive months reflect this stability.</p>
<p>The combination of easing inflation and consistent hiring has fueled optimism that the Federal Reserve can achieve a "soft landing." The aim is to raise rates adequately to moderate the economy and control price increases without pushing it into recession.</p>

For the first time ever, the shares of Bharti Airtel has reached Rs 1,007 per share by gaining 2.24% and the market-capitalisation has reached Rs 5,71,291 crore

Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore

<h2>For the first time ever, the shares of Bharti Airtel has reached Rs 1,007 per share by gaining 2.24% and the market-capitalisation has reached Rs 5,71,291 crore</h2>

<p>Bharti Airtel has hit a new milestone with its shares crossing Rs 1,000 a piece for the first time ever. In today's trading session, the stock successfully crossed this significant threshold, reaching an all-time high of Rs 1,007 apiece, gaining 2.24%</p>
<h3><strong>Bharti Airtel's Milestone hit</strong></h3>
<p>In the current year, Bharti Airtel has recorded a return of 23.56%, outperforming the benchmark Nifty 50, which registered a 10.62% gain during the same period. With this historic high, the stock has propelled the market capitalisation to Rs 6 lakh crore. At its peak price of Rs 1,007, the company's market cap reached an impressive Rs 5,71,291 crore.</p>
<p>BSE data reveals that so far in India there are only nine Indian publicly listed firms with a market capitalisation of over Rs 5,00,000 crore. Out of this, Bharti Airtel has found itself in seventh position.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/markets/bse-listed-companies-market-capitalisation-hits-4-trillion-for-the-first-time-ever-1701255620489">BSE listed companies' market capitalisation hits $4 trillion for the first time ever</a></strong></p>
<p>This comes after the company recorded a bullish performance in Q2FY24. The company recorded a net profit of&nbsp; Rs 1,341 crore in the September quarter of this financial year. Though this profit is 37% decrease compared to the Rs 2,145.2 crore reported in the same period last year, the profit after tax (PAT) demonstrated robust growth, registering an increase of 44.2% YoY during the quarter. Its revenue for the September 2023 quarter stood at Rs 34,527 crore, reflecting a 7% growth compared to Rs 37,044 crore in the corresponding period last year.</p>
<p>Following this robust performance, brokerage firms gave the stock a buy rating. Geojit Financial Services has upgraded its rating on the stock to 'buy' and revised the target price to Rs 1,042 per share.</p>
<p>Similarly, Axis Securities has also retained its 'buy' recommendation on the stock with a Target Price of Rs 1,155 apiece. Motilal Oswal and ICICI Securities have also retained a 'buy' call on the stock, maintaining target prices of Rs 1,070 each</p>

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Infosys has rewarded CEO Salil Parekh with a 88% pay hike, making his compensation soar from Rs 42 crore to Rs 79 crore as per the annual report filing. With almost 97% of the hike based on performance variable the annual filing goes into great detail to justify this gigantic jump. "Under Salil’s leadership 1 , the Company’s Total Shareholder Return (TSR) was an impressive 314%, the highest among peers The revenue growth of the Company under Salil’s leadership has accelerated and grown from `70,522 crore (fiscal 2018) to `1,21,641 crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from `16,029 crore to `22,110 crore", the report said.Parekh has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.

Infosys CEO gets a mega hike, this is how much he makes after a 88% jump

Parekh has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.

Infosys CEO Salary Hike: Salil Parekh gets a big hike in compensation, jumps to Rs 79 crore year from Rs 42 crores

<p>Almost 97% of the increase in the proposed annual remuneration is linked to performance.</p>

<p>Infosys&nbsp;has rewarded CEO&nbsp;Salil&nbsp;Parekh&nbsp;with a 88% pay hike, making his compensation soar from Rs 42 crore&nbsp;to Rs 79 crore as per the annual report filing.&nbsp;</p>
<p><strong>Also read/watch| <a title="Terra LUNA 2.0: Collapse to resurrection, meet the new crypto avatar" href="https://www.editorji.com/business-news/cryptocurrency/terra-luna-2-0-collapse-to-resurrection-meet-the-new-crypto-avatar-1653532939822">Terra LUNA 2.0: Collapse to resurrection, meet the new crypto avatar</a></strong><br /><br />With almost 97% of the hike based on performance variable the annual filing goes into great detail to justify this gigantic jump.&nbsp;<br />"Under Salil&rsquo;s leadership 1 , the Company&rsquo;s Total Shareholder Return (TSR) was an impressive 314%, the highest among peers The revenue growth of the Company under Salil&rsquo;s leadership has accelerated and grown from `70,522 crore (fiscal 2018) to `1,21,641 crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from `16,029 crore to `22,110 crore", the report said.<br /><br />Parekh&nbsp;has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.</p>

NR Narayana Murthy while talking at the 26th edition of Bengaluru Tech Summit 2023 mentioned that Compassionate Capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism

Nothing should be given free: Narayana Murthy opposes freebies

<h2>NR Narayana Murthy while talking at the 26th edition of Bengaluru Tech Summit 2023 mentioned that Compassionate Capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism</h2>

<p>Infosys founder NR Narayana Murthy has opposed freebies and has called for an alternative approach. Narayana Murthy said, "nothing should be given free". He further suggested that people availing government services and subsidies should be made to contribute back to the betterment of society.</p>
<p>"When you provide those services, when you provide those subsidies, there must be something in return that they're willing to do. For example, if you say -- I will give you free electricity, then it would have been a very nice thing for the government to have said, but we want to see the percentage attendance in primary schools and middle schools go up by 20%, then only we will give you that," Narayana Murthy said</p>
<h3><strong>Narayana Murthy on Freebies</strong></h3>
<p>Talking at the 26th edition of Bengaluru Tech Summit 2023 on Wednesday, Murthy batted for compassionate capitalism and regarded it as the only solution for a poor country like India to become prosperous.</p>
<p>After expressing his idea, Narayana Murthy also made it clear that he is not against freebies while stressing on the importance of these subsidies for the poor and underprivileged. &nbsp;</p>
<p>"I am not against free services being provided. I fully understand, as I also came from a poor background once upon a time. But I think we should expect something in return from those people who received those free subsidies to take a slightly bigger responsibility towards making their future generation, their own children and grandchildren, better in terms of going to school, you know, performing better. That's what I mean," he added.</p>
<h3><strong>Narayana Murthy on Tax</strong></h3>
<p>He also expressed his views on India levying higher taxes on its citizens. Murthy said that in a developing country like India it is obvious to have higher taxation compared to developed countries.</p>
<p>"In order to create efficient, corruption-free and effective public goods in our country, the taxation will have to be obviously higher than what you see in developed countries. So, I personally would not at all grudge, if I have to pay a higher level of taxation," he said.&nbsp;</p>
<p>Explaining the higher taxation need on the basis of per capita GDP, Murthy pointed out that with $2,300 per capita GDP India has twice that of what is called "low income countries" by the United Nations and other bodies. However, he pointed out that India is still behind middle income country where the per capita GDP is somewhere between USD 6,000 to about 12,000 to 15,000.</p>
<p>He also went on to explain about his transformation from a leftist to a "determined compassionate capitalist". He said that compassionate capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism.</p>

The growth in the agriculture, livestock, forestry, and fishing sector was 1.2% in Q2FY24, a decline from the 2.5% growth recorded in Q2FY23.

India's Q2FY24 GDP surges 7.6%

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<p>The growth in the agriculture, livestock, forestry, and fishing sector was 1.2% in Q2FY24, a decline from the 2.5% growth recorded in Q2FY23.</p>
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<p>India's economic landscape has shown remarkable resilience as the Gross Domestic Product (GDP) surged by 7.6% in the second quarter (July-September) of the fiscal year 2023-24, as per the latest data unveiled by the National Statistical Office (NSO) on Thursday. This notable growth outpaced the projections set by financial analysts, marking a substantial upturn for the nation.</p>
<p>The figures depict a significant improvement compared to the previous year, with the year-on-year (YoY) growth standing at 6.2%. On a quarter-on-quarter (QoQ) basis, the growth stood slightly below at 7.8%, signaling a robust economic recovery trajectory.</p>
<p>Breaking down the sector-wise performance, the agricultural sector, encompassing agriculture, livestock, forestry, and fishing, witnessed a growth of 1.2% in Q2FY24, down from 2.5% recorded in the same period of the previous fiscal year.</p>
<p>Furthermore, the mining and quarrying industry marked a substantial upswing, growing by 10% in Q2FY24, in stark contrast to a contraction of 0.1% witnessed in Q2FY23.</p>
<p>The manufacturing sector notably rebounded with a remarkable growth rate of 13.9%, recovering from a contraction of 3.8% experienced in Q2FY23, showcasing an impressive resurgence.</p>
<p>Likewise, the construction sector displayed a robust performance, expanding by 13.3% in Q2FY24, a substantial increase from the 5.7% growth reported in Q2FY23.</p>
<p>However, there was a visible slowdown in the growth of the trade, hotels, transport, communications, and other related services sector, which recorded a growth rate of 4.3% in Q2FY24, significantly lower than the 15.6% growth observed in the same period of the previous fiscal year.</p>
<p><strong>Also Watch: <a href="https://www.editorji.com/business-news/economy/india-s-q2fy24-gdp-growth-expected-to-outpace-rbi-s-projections-1701321716160#google_vignette">India's Q2FY24 GDP growth expected to outpace RBI's projections</a></strong></p>

The Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth & Harsh Jain of Dream11 are part of the list

India's richest self-made entrepreneur: DMart's Radhakishan Damani tops list, here's the full list

<h2>The Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth &amp; Harsh Jain of Dream11 are part of the list</h2>

<p>Radhakishan Damani, the brains behind DMart, stands atop the 'IDFC FIRST Private Hurun India Top 200 Self-Made Entrepreneurs of the Millennium 2023'. His company, Avenue Supermarts, boasts an impressive market capitalization of Rs 2,38,188 crore, securing him the top spot. Notably, this list diverges from the usual narrative, as it's predominantly occupied by younger founders from startups such as Paytm, Zomato, Flipkart, and others.</p>
<p>Following Damani are industry stalwarts like the Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth &amp; Harsh Jain of Dream11. The lineup includes luminaries like Vijay Shekhar Sharma of Paytm, Kunal Shah of Cred, and Nithin Kamath &amp; Nikhil Kamath of Zerodha, showcasing a blend of seasoned veterans and emerging talents.</p>
<p><strong>Also read/watch - <a title="Ultra luxury homes see 247% Y-O-Y sales value surge in 2023" href="https://www.editorji.com/business-news/economy/ultra-luxury-homes-see-247-y-o-y-sales-value-surge-in-2023-1701343826641">Ultra luxury homes see 247% Y-O-Y sales value surge in 2023</a></strong></p>
<p>Surprisingly, Damani, at 68, isn't the oldest; entrepreneurs like Ashok Soota of Happiest Minds and Naresh Trehan of Medanta, among others in their 70s and 80s, also make the prestigious list.</p>
<p>Conversely, the list features youthful prodigies like Kaivalya Vohra of Zepto (21) and Shashvat Nakrani of BharatPe (25), reflecting the rising wave of young entrepreneurial talent. The youngest women on the list include Ghazal Alagh of mamaearth, Saumya Singh Rathore of Winzo, and Garima Sawhney of Pristyn Care, all under 40, displaying a commendable achievement in their respective domains.</p>
<p>The list comprises a mix of well-known listed firms and numerous unlisted ventures, with cities like Bengaluru, Mumbai, Gurugram, New Delhi, and Chennai making significant contributions to India's entrepreneurial landscape.</p>

India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them

Indian IT firms invest Rs 1.97 crore on average every year to train employees

India’s Best Workplaces in IT & IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them

<h2>India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them</h2>

<p>Indian IT &amp; IT-BPM services sector spends an average of Rs 1.97 crore in a company to train employees. India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report released on November 30 said that around 68% companies are closely involved in the development of employees across levels.</p>
<h3><strong>Training Employees</strong></h3>
<p>This comes when the IT sector is investing heavily in skilling employees in artificial intelligence (AI), generative AI and cloud computing skills. The report also mentions that the companies have started sharing quarterly updates on employees whose training has been completed, targets of workforces to be trained by the end of the financial year and more.</p>
<h3><strong>Best Companies to work</strong></h3>
<p>The report has also named the top 25 workplaces in IT &amp; IT-BPM 2023 report in which Accenture and Wipro are named. Other companies in the Top 25 include VOIS, Akamai Technologies, Atlassian, Blue Yonder, Cadence Design Systems, CGI Information Systems and Management, Consultants, Cisco Systems, Encora Innovation Labs and H &amp; R Block.</p>
<p>The companies are picked based on how they prioritised work culture. This became increasingly important to improve the productivity and employee retention. The report pointed out that amid the slowdown in hiring and the layoffs undertaken by some companies along with cut in salary has led to a decline in employee morale and satisfaction.</p>
<p>&nbsp;The prominent theme in the 2023 report that highlighted several aspects of employee well-being includes burnout. As per the data the burnout risk has affected 27% of employees in large companies, 3% higher than their mid-sized counterparts.&nbsp;</p>
<p>&ldquo;Female senior managers in particular experience a 5 percent higher burnout rate than male counterparts. The trend draws the importance of maintaining a delicate balance between growth and employee well-being,&rdquo; the report said.</p>

In November, the Federal Labor Agency reported a 5.9% unemployment rate, up from the previous month's 5.8%. Joblessness rose by 22,000, surpassing economists' median estimate in a Bloomberg survey by a slight margin.

Germany's unemployment soars to 2 1/2-year high amid economic slump

<h2>In November, the Federal Labor Agency reported a 5.9% unemployment rate, up from the previous month's 5.8%. Joblessness rose by 22,000, surpassing economists' median estimate in a Bloomberg survey by a slight margin.</h2>

<p>Germany, the largest economy in Europe, has encountered an unexpected rise in its unemployment rate, reaching its highest level in two and a half years. The Federal Labor Agency reported an increase to 5.9% in November, up from 5.8% the previous month. <br><br>This surge in joblessness, exceeding economist predictions by 22,000, signals the impact of economic weakness on the country's labor market, reported Bloomberg.</p>
<p>Andrea Nahles, the head of Germany&rsquo;s Federal Labor Agency, highlighted the repercussions of the economic slowdown. "The economic slump is leaving its mark," Nahles stated. "Employment is now only growing marginally, and demand for workers continues to weaken."</p>
<p>Despite Germany's traditionally robust labor market, the recent challenges have stemmed from the country's struggle to recover from the energy-induced crisis of the past winter. <br><br>The third-quarter saw a contraction in output, leading the Bundesbank to indicate that Germany might be heading into a recession.</p>
<p>A significant hurdle exacerbating this situation is the acute shortage of skilled labor, affecting approximately half of German companies. The industry lobby DIHK Chambers of Industry and Commerce estimated that this shortage could potentially result in a loss of about 2% of the country's gross domestic product (GDP).</p>
<p>Adding to the concerns is Germany's fiscal uncertainty following a surprising ruling by its top court. This chaos in fiscal matters poses an additional risk to the nation's recovery. In response, European Central Bank President Christine Lagarde and Bundesbank chief Joachim Nagel have urged Berlin to swiftly provide clarity on the budget.</p>
<p>The confluence of economic challenges, including a weakening labor market, skill shortages, and fiscal uncertainties, presents a complex scenario for Germany's economic recovery. The authorities face mounting pressure to take decisive actions to mitigate these issues and steer the country towards stability and growth.<br><br><strong>Also Watch: <a href="https://www.editorji.com/business-news/economy/india-hits-historic-low-in-unemployment-figures-sbi-report-1700023042099#google_vignette">India hits historic low in unemployment figures: SBI report</a></strong></p>

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